The maximum amount of income the typical employee may contribute to an employer-sponsored 401(k),403(b),or 457 plan is currently

Question

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The maximum amount of income the typical employee may contribute to an employer-sponsored 401(k), 403(b), or 457 plan is currently $17,500. This limit is reviewed and potentially increased periodically by the IRS. However, individuals over 50 may make catch-up contributions which allow them to contribute an additional $6,000 per year for a total of $23,500.

The Maximum Amount of Income the Typical Employee May Contribute